Oil stable on threats of rebel attacks in Nigeria falling US crude stocks
US crude oil production C-OUT-T-EIA stood at 9.75 million barrels per day (bpd) on January 12, data from the Energy Information Administration showed.
In economic news, data showed that United States jobless claims fell to the lowest in 45 years. Crude supplies at the Cushing, Oklahoma delivery hub for US crude futures fell 4.2 million barrels in the week, the largest draw since at least 2004.
Brent crude, the global benchmark, had slipped 7 cents to $69.31 by 0943 GMT.
The West Texas Intermediate for January delivery decreased 0.02 USA dollar to settle at 63.95 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery lost 0.07 dollar to close at 69.31 dollars a barrel on the London ICE Futures Exchange. In December 2016 was a meeting of oil producers outside the OPEC. On Monday it touched $70.37, the highest since December 2014.
US oil prices are hovering just above $64 a barrel.
Traders said the lower prices were prompted by a recovery in USA oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere.
Schlumberger (NYSE:SLB) PT Set at $78.00 by Jefferies Group
It increased, as 59 investors sold MS shares while 292 reduced holdings. 81 funds opened positions while 339 raised stakes. Howe And Rusling Inc has invested 0.01% in Schlumberger Limited (NYSE:SLB). 4,148 are owned by Mogy Joel R Counsel Inc.
Jefferies Group Reaffirms "Hold" Rating for Tanger Factory Outlet Centers (NYSE:SKT)
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Hot Stock for Investors: Caesars Entertainment Corporation (CZR)
The Company's segments include Caesars Entertainment Resort Properties, LLC (CERP), Caesars Growth Partners, LLC (CGP) and Other. On Tuesday, October 24 the stock rating was maintained by SunTrust with "Buy". (NYSE:RES) to report earnings on January, 24.
"The impact of such a threat, if carried out, would be significant on the global supply and demand balance", said Tamas Varga of oil broker PVM.
Analysts also pointed to excessive long positions in financial oil markets as a likely brake on any upward momentum in prices, with many traders soon likely to cash in on recent price rises, which have seen crude jump by around 14 percent since early December.
"Explosive growth in the USA and substantial gains in Canada and Brazil will far outweigh potentially steep declines in Venezuela and Mexico", the IEA said of 2018 production. "The market is still sensitive to geopolitical developments".
The agency previously said USA output could reach 10 million bpd in February and 11 million bpd in 2019.
"The upside is now limited for oil prices", said Fawad Razaqzada, market analyst at brokerage Forex.com.
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